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Singapore Insurance Report Q2 2016

Singapore Insurance Report Q2 2016

BMI View: Aside from motor vehicle insurance, most sub-sectors of Singapore's non-life segment - and thelife segment - should benefit from the continuing growth of the emerging markets of ASEAN over the courseof the forecast period. We have increased our forecasts for both major segments relative to those of Q116.

Latest Updates And Forecasts

The announcement by Zurich International Life that it would cease writing new life insurance policiesin Singapore from the beginning of December 2015 indicates that competitive conditions for some of thesmaller international companies have been quite challenging. Overall though, we are more positive aboutthe prospects for (already high) household incomes than we were previously, and have increased ourforecasts for premiums in the life segment. We have also increased our projections for premiums in thenon-life segment, mainly because of a more favourable assessment about the likely economic growth inthe emerging markets of ASEAN over the coming years. As the regional business and financial hub ofthe region, Singapore should benefit from this. We have increased our forecasts for offshore and domesticproperty insurance. A reassessment of demographic trends and likely healthcare cost inflation means thatwe are more upbeat about the prospects for health insurance. Conversely, we are a little less confidentabout the ability of the motor vehicle insurers to lift prices during the forecast period.

In the life insurance segment, the latest news confirms that it is reasonable to look for growth inpremiums of around 5-6% over the short and medium-term, and beyond the forecast period. There is nocatalyst for a rise in penetration from the current - and rather high - levels of about 5.5% of GDP. This islargely because the life insurance sector is not the only important conduit for organised savings inSingapore, and complements the Central Provident Fund (CPF) system. Nevertheless, most trends arevery positive. New products are being developed. New distribution initiatives are being undertaken. Theleading players are exploiting strong brands and easy access to capital.


BMI Industry View
Table: Headline Insurance Forecasts (Singapore 2013-2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Singapore 2013-2020)
Table: Life Insurance Claims (Singapore 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Singapore 2013-2020)
Table: Non-Life Insurance Claims (Singapore 2008-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Singapore 2013-2020)
Industry Risk Reward Index
Asia Pacific Industry Risk/Reward Index
Table: Asia Pacific Insurance Risk/Reward Index Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market (USDmn) 2007-2013
Table: Life Insurance Market (%) 2007-2013
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market (USDmn) 2007-2013
Table: Non-Life Insurance Market (%) 2007-2013
Company Profile
AIA Group
Allianz
NTUC Income
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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